Retirement Pay, Allocation of Periodic and Lump Sum Payments
(1)For the purposes of ORS 657.205 (Deduction of retirement pay)(1) and (2), the Director shall apportion lump sum payments on the basis of the individual’s regular rate of pay for full-time employment. For the purposes of this section, full-time employment shall be considered 40 hours of work per week except in those industries, trades or professions where due to practice, custom or agreement the usual work week is other than 40 hours.
(2)Periodic payments paid in other than weekly installments shall be converted in such a way as to achieve the same results as if they were paid in weekly installments. Monthly payments shall be converted to equivalent weekly amounts by multiplying the monthly payments amount by the fraction 12⁄52 and rounding the result to the nearest multiple of $1.
(3)Except as provided in ORS 657.205 (Deduction of retirement pay)(3), an individual who elects to receive retirement benefits in a lump sum payment when the option exists to receive periodic payments during the individual’s benefit year shall be considered eligible for periodic payments under 657.205 (Deduction of retirement pay)(1). Such lump sum payment shall be apportioned as provided in 657.205 (Deduction of retirement pay)(2) and section (1) of this rule and allocated beginning with the first week with respect to which the individual would have been eligible for a periodic payment.
(4)As used in ORS 657.205 (Deduction of retirement pay)(3)(b), the term “dislocated worker” has the meaning given in 657.335 (Definitions for ORS 657.335 to 657.360)(1).
Rule 471-030-0020 — Retirement Pay, Allocation of Periodic and Lump Sum Payments,